11PLC, formerly known as Mobil Oil Nigeria Plc, is planning to delist its shares from the Nigerian Stock Exchange (NSE) by March this year.
The directors in oil and gas company, which listed on the Nigerian bourse in 1978, reached this resolution at its last annual general meeting in October.
The company, which has 360.592 million ordinary shares on the Nigerian Stock Exchange, said the move would allow it to focus on forming strategic alliances for the benefit of the company.
“The purpose of delisting is to enable the company explore strategic opportunities, alliances, and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations,” the energy firm said in a statement on Tuesday.
It said shareholders who did not consent to the exit proposal would be allowed to sell their stakes at N213.90 per ordinary share.
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This price, according to the company, is the highest price at which 11 Plc shares have traded, six months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the Nigerian Stock Exchange.
11 Plc said it would still maintain its public liability company status after delisting, even though its shares would no longer be eligible for trade on the bourse.
For the exit plan to materialise, the company said both the Securities and Exchange Commission and the NSE have to give their approvals, after which dissenting shareholders would be settled and cease to be stockholders in the company.
“11 Plc shareholders will be able to elect to accept the Exit Consideration from February 1, 2021, to March 1, 2021,” the statement said.
It added that the delisting would not affect the current employment contracts of staff and the composition of the board of directors.
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